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31.03.2017 14:30
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PR Newswire
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General Cannabis Announces 2016 Fourth Quarter and Year-End Results
Ein Cannabis-Gewächshaus. (Symbolbild)
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PR Newswire
DENVER, March 31, 2017
DENVER, March 31, 2017 /PRNewswire/ -- General Cannabis Corp (OTCQB: CANN), the comprehensive resource to the regulated cannabis industry, today announced financial results for the year and quarter ended December 31, 2016.
"Our year-over-year revenue growth of 69 percent and quarter-over-quarter revenue growth of 13 percent comes from both organic growth and a full year of expanding the businesses we launched in 2015," said Robert Frichtel, Chief Executive Officer of General Cannabis. "With 28 states and the District of Columbia now having legalized medical marijuana, of which eight states also legalized recreational use, there is a tremendous opportunity for us to significantly expand our business in 2017."
"We also have been focusing on managing our operating costs and expenses, and incurred only an 11 percent year-over-year increase, even as our revenue grew" Frichtel added. "We have demonstrated our ability to acquire and develop substantial companies that serve this rapidly expanding industry."
Our full results can be found at www.generalcann.com/sec-filings/.
Financial Highlights
The following tables summarize our 2016 year-end and fourth quarter results:
| | Year ended December 31, |
Percent | |
| | 2016 | 2015 | Change |
| Segment Revenues | | | |
| Security | $ 2,232,915 | $ 1,490,832 | 50 % |
| Marketing | 188,594 | 26,420 | 614 % |
| Operations | 432,046 | 144,944 | 198 % |
| Finance | 128,427 | 100,782 | 27 % |
| | 2,981,982 | 1,762,978 | 69 % |
| | | | |
| Total costs and expenses | 10,038,790 | 9,006,389 | 11 % |
| Operating loss | (7,056,808) | (7,243,411) | (3) % |
| | | | |
| Other expense | 25,742,869 | 1,542,866 | 1,569 % |
| Net loss | $ (32,799,677) | $ (8,786,277) | 273 % |
| | | | |
| Basic and diluted loss per share | $ (2.13) | $ (0.63) | 238 % |
| | Three months ended December 31, |
Percent | |
| | 2016 | 2015 | Change |
| Segment Revenues | | | |
| Security | $ 633,008 | $ 593,025 | 7 % |
| Marketing | 38,831 | 26,420 | 47 % |
| Operations | 70,680 | 57,788 | 22 % |
| Finance | 35,029 | 8,369 | 319 % |
| | 777,548 | 685,602 | 13 % |
| | | | |
| Total costs and expenses | 4,689,419 | 1,818,355 | 158 % |
| Operating loss | (3,911,871) | (1,132,753) | 245 % |
| | | | |
| Other expense | 11,916,009 | 777,574 | 1,432 % |
| Net loss | $ (15,827,880) | $ (1,910,327) | 729 % |
| | | | |
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